Filed under: Money Making Tips — Gloria and Alpha @ 1:00 am
This post is most relevant to people with business asset debt. If you’re in business, and you have debt attached to some of your assets, consider whether or not you need those assets in the immediate term. If not, there is the possibility of selling the assets with the debt attached to free you of this debt until you’re in a position to take on a healthy level of debt again.
This is particularly applicable in the current economic climate.
Where there are any assets that you could temporarily do without, consider selling them, along with the attached debt, for a price that a buyer would be willing to pay. This may take some negotiation, and the paperwork will have to legally transfer the responsibility for the debt over to the buyer. I suggest obtaining legal advice before you enter into such an arrangement.
There is also the valuing of the asset at market value. It is best to pay the fee of an objective third party to do this, in order to save yourself potential problems later. The relatively small fee is worth it (and it’s tax deductible).
The other alternative is to sell the asset, and use the proceeds to pay off the debt. This gives you a clean slate and you can focus on making money to buy a similar asset outright, without any debt attached (depending on the asset, it might be a significantly reduced amount of debt rather than debt free).
Make your decision and stick to the result. That is, once you have the cash to repay the debt, make sure you do just that. There’s no point in turning one complicated situation into a bigger complication.
Remember, there are always options, and no matter what the economic climate there are always the right buyers (those that are willing to pay fair market price).
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Filed under: Money Making Tips — Gloria and Alpha @ 1:00 am
Ebay has become a phenomenon, and provides all sorts of money making possibilities.
We all have stuff lying around our homes that we no longer need. There is also the saying that someone’s trash is another person’s treasure, so don’t underestimate the potential value sitting under your roof. I once had an interesting experience while selling a street directory on Ebay. I received a lot of interest, and as it turns out, there is a whole community of people who collect old street directories, and they’re quite valuable!
Selling these unwanted items on Ebay is a good way to may extra cash that can go to repay debt you have.
Take a look around your home and create a pile of ‘stuff’ that you can sell. Before you actually put your item up for sale, do some research first on other similar items, to get a feel for what they’re selling for, and how the people are “marketing” them.
Very importantly – make sure you use the proceeds to pay off debt!!
Here are my steps for selling items on Ebay:
1. Sign up for an Ebay account – remember the User ID name that you choose will be the name associated with you as a seller, so choose a name that won’t offend buyers.
2. Once in your Ebay account, go to the top of screen and click on “Sell”. A drop down menu will appear – select “Start Selling Now”.
3. The first thing you must do is to choose a category that suits what you’re selling. You can either enter some of the key features of the item and Ebay will provide you will some possible categories. Or, you can select the category yourself.
4. If you feel it will provide a much greater chance of obtaining a sale, you can pay for choosing a sub-category. For household items I rarely do this. Continue to the next page.
5. Now is where you get a chance to test out your copywriting skills. There may be some preset questions for you to answer, and then you get to sell people on the BENEFITS of what you’re selling.
6. Upload a picture to the Gallery (I always do this, as it increases your “hit” ratio).
7. Select the length of your auction – that is really a personal preference. I’ve tried all different lengths and haven’t found a great deal of difference between any of them, in terms of the effect they have on obtaining a sale.
8. Set your starting price – keep in mind you may only get 1 bid, so be prepared to take this as the final price for your item. Add a decent amount for postage – remembering you also have to buy the bag the item will be mailed in.
9. Buy It Now is also a possibility. You pay extra for this, but it is an option you may want to consider.
10. As far as payment methods go, I find most people like to use PayPal. However, a select few prefer bank transfer, so I’d suggest offering it as an option.
11. Continue to the next page and review your listing.
12. List Your Item, and you’re done!
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